This week has seen continued recovery in larger caps, but very depressed markets for small caps. Paul sees this positively - with very attractive (low!) valuations on many of the better quality small caps.

Signs of slowing economies mean we're likely to see more profit warnings, which so far seem to be more in the BtoB sectors.

Will consumer stocks surprise on the upside? It's possible, given 10% pay rises this month for pensioners, benefit claimants, and minimum wage - a major boost to household pay packets.

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